USD/JPY – 112.11
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 111.99
Kijun-Sen level : 111.81
Ichimoku cloud top : 111.45
Ichimoku cloud bottom : 111.40
Original strategy :
Buy at 110.45, Target: 111.55, Stop: 110.10
Position : –
Target : –
Stop : –
New strategy :
Buy at 111.55, Target: 112.55, Stop: 111.20
Position : –
Target : –
Stop : –
As the greenback has surged again after brief pullback and broke above previous resistance at 111.74, adding credence to our view that recent upmove is still in progress and bullishness remains for test of previous resistance at 112.20, break there would encourage for headway to 112.50-60 but near term overbought condition should limit upside to 112.80 and price should falter below 113.00-10, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy dollar on subsequent pullback as 111.50-55 should limit downside. Below support at 111.21 (yesterday’s low) would abort and suggest a temporary top is formed instead, bring correction towards 110.87 support.
